Required Information [The following information applies to the questions displayed below) Benson Company began operations on January 1 year 1 by issuing common stock for $36.000 cash During year Benson received $63.600 cash from revenue and incurred costs that required $49,600 of cash payments Required Prepare a GAAP based income statement and balance sheet for Benson Company for year 1. for the below scenario a. Benson is a promoter of rock concerts. The $49,600 was paid to provide a rock concert that produced the revenue Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare a Balance Sheet. BENSON COMPANY Balance Sheet as of 12/31 Year 1 Assets Total assets $ 0 Equity Common stock 36.000 Total equity 5 36,000